Your Retirement Benefits

Your Retirement Benefits

FedEx Corporation Employees' Pension Plan

FedEx Corporation Retirement Savings Plan

A Summary Plan Description

December 2017

For eligible employees of the following operating companies:

Federal Express Corporation (excluding employees residing in Puerto Rico) Federal Express Virgin Islands, Inc. FedEx Corporate Services, Inc. FedEx Corporation FedEx CrossBorder, LLC FedEx Custom Critical, Inc. FedEx Freight Corporation (holding company employees only) FedEx Ground Package System, Inc. (excluding employees classified

as package handlers, package handler ? parcel assistants, a special assignment package handler, or an occasional package handler) FedEx Trade Networks, Inc. FedEx Trade Networks Transport & Brokerage, Inc. FedEx Trade Networks Trade Services, Inc. World Tariff, Limited

FXE / FXF FXG

March 2020

SUMMARY OF MATERIAL MODIFICATIONS

FedEx Corporation Employees' Pension Plan and FedEx Freight Pension Plan (referred to as the Pension Plan) FedEx Corporation Retirement Savings Plan (referred to as the RSP)

This Summary of Material Modifications relates to the FedEx Corporation Employees' Pension Plan, the FedEx Freight Pension Plan, and the FedEx Corporation Retirement Savings Plan and supplements the summary plan description referred to as Your Retirement Benefits book (YRB). You should retain this document with your copy of the YRB.

FedEx Operating Company Changes

Please note the following Operating Company name changes: ? FedEx CrossBorder, LLC is now FedEx Cross Border Technologies, Inc. ? FedEx Trade Networks, Inc. is now FedEx Logistics, Inc. ? FedEx Trade Networks Trade Services, Inc. is now FedEx Trade Networks Trade Services, LLC

In addition, FedEx Cross Border Holdings, Inc. and FedEx Forward Depots, Inc. became Participating Employers in the FedEx Corporation Employees' Pension Plan and the FedEx Corporation Retirement Savings Plan effective September 1, 2018.

Effective January 1, 2020

Participation in the FedEx Corporation Employees' Pension Plan and FedEx Freight Pension Plan is closed to anyone hired or rehired on or after January 1, 2020.

Effective January 1, 2019

RSP Hardship Withdrawals ? Participants are no longer required to take available loans prior to requesting a hardship withdrawal. ? Participants are no longer subject to a six-month suspension from making contributions to the plan after taking

a hardship withdrawal.

? Earnings on elective deferrals will be included when determining the amount available for a hardship withdrawal.

Rollover contributions ? Following retirement or termination of employment with FedEx, RSP participants cannot make rollover

contributions into a FedEx plan.

Effective March 15, 2019

Retirement Service Center mailing address

Contact

Information

FedEx Retirement Service Center

Phone: 1.855.604.6221

(RSC)

Hours: 8 a.m. ? 6 p.m. Central time, Monday ? Friday

Online: retirement.

P.O. Box 661087 Dallas, TX 75266-1087

Effective June 1, 2018

For participants who separate from employment or retire and elect to maintain a balance in the RSP, an annual recordkeeping fee of $17 ($4.25 per quarter) will be deducted from your Plan account beginning in the calendar quarter following the quarter in which you separate from employment. An origination fee of $50 will be deducted from the loan proceeds, for each loan issued from your Plan account. Participants may request the loan through or VOICE?, or by phone with personal assistance from a Vanguard associate.

For a hardship withdrawal from your Plan account, a fee of $50 will be deducted from your Plan account balance, when the hardship withdrawal is processed.

Please make note of the following revised sections in the YRB. The language below replaces the current language in the sections named below:

FedEx Controlled Group Members ? ATC Information Services, Inc. ? Federal Express Corporation (FedEx Express) ? Federal Express Virgin Islands, Inc. ? FedEx Corporate Services, Inc. ? FedEx Corporation ? FedEx Cross Border Holdings, Inc. ? FedEx Cross Border Technologies, Inc. ? FedEx Custom Critical, Inc. ? FedEx Freight Corporation ? FedEx Freight, Inc. ? FedEx Forward Depots, Inc. ? FedEx Ground Package System, Inc. ? FedEx Logistics, Inc. ? FedEx Trade Networks Trade Services, LLC ? FedEx Trade Networks Transport and Brokerage, Inc. ? FedEx Office and Print Services, Inc. ? FedEx Office Commercial Press, Inc. ? FedEx Supply Chain Distribution System, Inc. ? FedEx Supply Chain, Inc. ? FedEx Supply Chain Logistics & Electronics, Inc. ? GENCO Marketplace, Inc. ? GENCO Infrastructure Solutions, Inc. ? World Tariff, Limited

Vanguard Two-factor Authentication ? Vanguard requires RSP participants to register for two-factor authentication to gain online access to their

plan account.

Claims Administration _ QDRO Regular Mail FedEx Qualified Order Center P.O. Box 1433 Lincolnshire, IL 60069-1433

Overnight FedEx Qualified Order Center 4 Overlook Point Lincolnshire, IL 60069-1433

Phone: 1.855.604.6221 8 a.m. ? 6 p.m. Central time Monday through Friday Fax: 847.554.1669

For general information visit .

Sincerely, FedEx Retirement Services

Your Gateway to Retirement Information and Education

Visit retirement. and learn about your FedEx retirement plans, model your pension benefit, learn more about retiree medical, begin the pension process or plan for a more financially secure retirement.

Check out these features and more at retirement.:

? View your pension plan and 401(k) Plan benefit ? Estimate your benefits with Real Future (Your Retirement Calculator) ? Update your beneficiaries ? Access the Choose Well portal ? Learn more about retiree health benefits ? Access retirement related Tools and Resources

Highlights of the FedEx Retirement Plans

Your FedEx 401(k) Plan

? Employees:

? Have a convenient way to accumulate savings for retirement.

? Can contribute from 1% to 50 % of eligible earnings on a Pre-tax basis through payroll deductions.

? Can contribute After-tax or through qualified rollovers.

? Additionally, those who are age 50 or older can make Catch-up contributions.

? FedEx makes Employer Matching contributions (Company match) for eligible employees.

? Investment options are varied and consist of all-in-one options, core options and supplemental options.

? Participants are always 100% vested in their payroll contributions.

? Participants are fully vested in the Company match after one year of service.

Your FedEx Pension Plan

? The pension plan is funded entirely by FedEx--it costs you nothing to participate.

? Employees are eligible after one year of service (credited with at least 1,000 hours of service and age 21).

? Eligible employees accrue benefits under the Portable Pension Account (PPA) formula in the pension plan.

? Benefits accrue each plan year for which you are credited with at least 1,000 hours of service. (The plan year is June 1 through May 31.)

? There are no limits on service for benefit accrual.

? Accrued benefits consist of compensation credits and interest credits.

? Participants are vested in their accrued benefit after three years of credited service for vesting.

? Participants will receive a statement of benefits following the end of the plan year after they receive their first compensation credit in the pension plan.

? Vested benefits can be paid as a lump sum or annuity.

Contents

Your Gateway to Retirement Information and Education .................................................................... i

Overview............................................................................... 1 About This Material.......................................................................1 To Whom This YRB Pertains.........................................................2

Introduction.......................................................................... 2 Overview......................................................................................2 Plan Eligibility Scope and Guidelines............................................2 The FedEx Retirement Plans........................................................3 Correspondence...........................................................................3 Plan Year.......................................................................................3 Plan Termination............................................................................3 Assignment of Benefits................................................................4

Plan Administration.............................................................. 5 Overview......................................................................................5 Plan Trustees.................................................................................5 Plan Identification.........................................................................5 Plan Administration Contact Information......................................5 Claims Contact Information..........................................................5 Claims and Appeals......................................................................7 Legal Action................................................................................ 10 Your Rights Under ERISA........................................................... 11 Pension Benefit Guaranty Corporation (PBGC)...........................12

Pension Plan........................................................................ 13 Introduction to the Plan..............................................................13 Pension Plan Overview...............................................................13 Participating Employers..............................................................13 Eligibility for Plan Participation....................................................14 Enrollment.................................................................................. 15 Your Cost....................................................................................15 Eligible Earnings.........................................................................15 Maximum Compensation Limit..................................................16 Pension Plan Benefit Limit..........................................................16 Vesting........................................................................................ 16 Crediting Service........................................................................16 Retirement Dates.......................................................................19 Disability Retirement Benefit......................................................21 If You Are Re-Employed After Retirement by Any

FedEx Controlled Group Member or Foreign Affiliate.............21 Annuity Starting Date.................................................................22 Designating a Beneficiary...........................................................22 Important Information When Selecting a Joint and Survivor

Annuity Form of Payment.......................................................22

Making Application for Commencing Your Pension Plan Benefit.............................................................................23

Terminated Vested Benefit..........................................................25 Payments to an Alternate Payee.................................................26 Social Security--A Reminder......................................................27 Health Coverage After Retirement--A Reminder.......................27 Estimate Your Benefits................................................................27

Portable Pension Account (PPA) Formula......................... 28 Overview....................................................................................28 Eligible Earnings.........................................................................28 Benefit Accrual...........................................................................28 Compensation Credits................................................................28 Interest Credits...........................................................................29 Transition Compensation Credits................................................30 Payment of Benefits...................................................................31 Designating a PPA Beneficiary...................................................32 Forms of Payment......................................................................32 Survivor Benefits........................................................................34

Traditional Pension Benefit (TPB) Formula....................... 35 Overview....................................................................................35 Designating a Beneficiary...........................................................35 Forms of Payment......................................................................35 Survivor Benefits........................................................................37

Retirement Savings Plan (RSP)--401(k) Plan................... 38 Introduction to the Plan..............................................................38 Participating Employers..............................................................38 Plan Year.....................................................................................39 Eligibility for Plan Participation....................................................39 Correspondence.........................................................................40 Enrollment..................................................................................40 Your Vanguard Personal Identification Number (PIN)..................42 Your Cost....................................................................................42 Designating a Beneficiary...........................................................43 Contributions..............................................................................43 Eligible Earnings.........................................................................44 Sources of Contributions............................................................44 Comparison Chart of Pre-tax, After-tax and Catch-up

Contributions...........................................................................46 Changing the Amount You Save..................................................48 Benefits Upon Return From a Military Leave of

Absence (MLOA).....................................................................48 Important Limits on Contributions..............................................49 Retirement Savings Plan Accounts.............................................49

Account Statements...................................................................52 Vesting........................................................................................52 Personal Online Advisor, powered by Financial Engines.............52 Vanguard Managed Account Program, powered by

Financial Engines....................................................................52 Vanguard Financial Planning Service..........................................52 Investor Questionnaire...............................................................53 Investment Options....................................................................53 FedEx Corporation Stock Fund...................................................58 Policies That Affect Your Investment Direction............................59 Employee Retirement Income Security Act (ERISA)

Section 404(c).........................................................................60 How to Select or Change Your Investment Options...................60 Benefit Availability......................................................................61 Withdrawals................................................................................62 Loans..........................................................................................65 Distributions...............................................................................67 Accessing Your Account by Telephone........................................69

What To Do When................................................................ 70 Overview....................................................................................70 Benefits After Employment Termination.....................................70 Benefits After Retirement...........................................................71 Benefits for Your Survivors--If You Die While an

Active Employee.....................................................................73 Benefits for Your Survivors--If You Die After You Retire.............. 74 Benefits During a Paid Leave of Absence................................... 74 Benefits During an Unpaid Leave of Absence............................75 Benefits During a Military Leave of Absence (MLOA)................ 76 Benefits During an Unpaid Suspension...................................... 76

Appendix A.......................................................................... 77 General Rules For Calculating Your Traditional Pension

Benefit (TPB)...........................................................................77 Eligible Earnings.........................................................................77 Final Average Earnings...............................................................77 Average Annual Earnings (Employees of Ground

Companies Only).....................................................................77 Normal Retirement Benefit Calculation Attributable to

Employment With an Express Employer.................................78 Normal Retirement Benefit Calculation For Employment

At FedEx Ground Package System, Inc...................................78 Normal Retirement Benefit Calculation For Employment

At FedEx Supply Chain or Custom Critical Inc........................79 Early Retirement Benefit Calculation..........................................81 Terminated Vested Benefit..........................................................81

Appendix B.......................................................................... 82 Calculating Your TPB if You Have Service At Both a Ground

Employer and Express Employer Before 6/1/2008.................82 Calculating Your Benefit if You Have Worked for Multiple

Participating Employers...........................................................82

Appendix C.......................................................................... 84 Calculating Your TPB Under the Former FedEx Ground

Package System, Inc...............................................................84 Calculating Your TPB Under Certain Affiliates Career

Reward Pension Plan Prior to 6/1/2000...................................84 FedEx Ground Package System, Inc. and Certain Affiliates

Career Reward Pension Plan Before 6/1/2000........................85

retirement.

Overview

About This Material

We are pleased to provide you with the 2017 edition of Your Retirement Benefits (YRB). This YRB replaces the 2016 Your Retirement Benefits book. It describes in detail the retirement plans offered to you as an employee, it is the Summary Plan Description (SPD) for the Plans detailed here and it provides the following:

? Introduction: Basic information on the retirement plans. ? Plan Administration: Information on plan administration,

plan trustees, enrollment, the claims process and your rights. ? Pension Plan: Description of eligibility, benefit formulas, credited service, retirement ages and vesting. ? Retirement Savings Plan (RSP): Description of eligibility, investment options and source of contributions. ? What To Do When: Additional information about what you should do in the event of your termination of employment, retirement, leave of absence or suspension, or what your beneficiary should do in the event of your death, including charts to illustrate how these events affect your retirement benefits.

Unless noted otherwise, all references to FedEx and Company throughout this SPD include all FedEx Companies participating in the retirement plans.

The YRB is issued periodically. If a benefit changes before the next edition, we will provide you with a Summary of Material Modifications (SMM) to ensure that up-to-date information is available for you and your family.

It's Important to Make the Most of the YRB You must take time to look through this information to understand the retirement plans FedEx offers to you. By doing so, you help to ensure you take maximum advantage of your retirement benefits. Your retirement plans are a very important part of your total benefits at FedEx.

Planning is a must if you want to have a financially secure retirement. For a wealth of information on retirement planning, go to the website retirement.. There are three components to your retirement planning to keep in mind:

? FedEx retirement plans, as described in this SPD. ? Social Security benefits. ? Personal savings.

Highlights of recent retirement plan changes: ? Effective January 1, 2017, additional distribution options are available for terminated/retired employees in the Retirement Savings Plan. ? Effective June 1, 2017, a surviving spouse will have the option to receive the Traditional Pension Benefit (TPB) as a lump-sum payment. ? Effective July 1, 2017, rehired retirees are no longer subject to the suspension of benefit rules. ? Effective December 31, 2017, if there is no beneficiary designation on file at the time of your death, any benefit due you will be paid first to your surviving spouse or second to your estate.

Retirement Services Department FedEx Corporate Services, Inc.

Note: This SPD does not address any benefit you may have accrued under any other qualified Plans sponsored by another FedEx Controlled Group Member. Refer to the separate SPD that covers employees of those FedEx Controlled Group Members for more information on any benefit you may have accrued under those Plans.

Your Retirement Benefits

1

Express and Ground Employers U.S. ? December 2017

retirement.

To Whom This YRB Pertains

Eligible employees of the following Operating Companies:

? Federal Express Corporation (excluding employees residing in Puerto Rico)

? Federal Express Virgin Islands, Inc. ? FedEx Corporate Services, Inc. ? FedEx Corporation ? FedEx CrossBorder, LLC ? FedEx Custom Critical, Inc. ? FedEx Freight Corporation (holding company

employees only) ? FedEx Ground Package System, Inc. (excluding

employees classified as package handlers, package handler ? parcel assistants, a special assignment package handler or an occasional package handler) ? FedEx Trade Networks, Inc. ? FedEx Trade Networks Transport & Brokerage, Inc. ? FedEx Trade Networks Trade Services, Inc. ? World Tariff, Limited

Introduction

Overview

Note: References to FedEx or Company include all FedEx Companies participating in that retirement plan or program.

As an employee, your compensation is more than your paycheck. It also includes comprehensive benefits that help provide you and your family financial security during your working years and during retirement. This Your Retirement Benefits (YRB) book explains your retirement plans as simply and accurately as possible. It is the Summary Plan Description (SPD) of the FedEx Corporation Employees' Pension Plan (pension plan) and the FedEx Corporation Retirement Savings Plan (RSP) sponsored by Participating Employers. See "Participating Employers" in the "Pension Plan" and "Retirement Savings Plan (RSP)" sections for details. Note: The RSP is a 401(k) plan and may be referenced in this way throughout this SPD.

This document is your SPD dated December 31, 2017, and describes the key features of the pension plan and the RSP.

Each benefit described here is based on a formal plan document or contract. While this information is intended to be accurate, retirement benefits are subject to the detailed provisions of the applicable plan documents. If there is a conflict between this SPD and the official plan documents, the plan documents always govern. You are not entitled to retirement plans benefits due to a misstatement in or omission from this document. FedEx reserves the right to amend or terminate any benefit plan at any time and for any reason.

Plan Eligibility Scope and Guidelines

Eligibility for each retirement plan, program or service is determined by the Participating Employers of that Plan, program or service. Each section of this YRB describing a Plan, program or service includes a list of Participating Employers of that particular Plan, program or service and how transferring between the FedEx Controlled Group Members affects eligibility.

FedEx Controlled Group Members

FedEx Controlled Group Members are FedEx companies under common control of the parent company. They include the following operating companies:

FedEx Controlled Group Members Federal Express Corporation FedEx Trade Networks, Inc.

Federal Express Virgin Islands, FedEx Trade Networks Trade

Inc.

Services, Inc.

FedEx Corporate Services, Inc.

FedEx Trade Networks Transport & Brokerage, Inc.

FedEx Corporation

World Tariff, Limited

FedEx CrossBorder, LLC

FedEx Office and Print Services, Inc.

FedEx Custom Critical, Inc.

FedEx Office Commercial Press, Inc.

FedEx Freight Corporation

FedEx Supply Chain Distribution System, Inc.

FedEx Freight, Inc.

GENCO Infrastructure Solutions, Inc.

FedEx Ground Package System, Inc.

2 Your Retirement Benefits

Express and Ground Employers U.S. ? December 2017

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